Publications
Publications
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- Faculty Publications (759)
- July 2024
- Case
Jacqueline Cook at Vendasta: Debating an IPO
By: Reza Satchu, Tom Quinn and Andrew Kosc
In May 2021, after a surge in demand for digital services that prompted high valuations for startups across the Canadian tech sector, Saskatchewan-based Vendasta entered the final stages of the initial public offering (IPO) process. COO Jacqueline Cook had invested her... View Details
Keywords: Business Growth and Maturation; Business Startups; Interpersonal Communication; Cost vs Benefits; Forecasting and Prediction; Business Cycles; Entrepreneurship; Fairness; Capital Markets; Private Equity; Investment Banking; Stock Options; Financial Markets; Initial Public Offering; Institutional Investing; Price Bubble; Digital Platforms; Digital Transformation; Internet and the Web; Leadership; Growth and Development Strategy; Managerial Roles; Agreements and Arrangements; Going Public; Ownership Stake; Performance Expectations; Work-Life Balance; Strategic Planning; Business and Stakeholder Relations; Rank and Position; Risk and Uncertainty; Opportunities; Happiness; Reputation; Status and Position; Well-being; Information Technology Industry; Retail Industry; Canada
- June 2024
- Case
Tremblant Capital: Launching an Active ETF
By: Robin Greenwood, Luis M. Viceira and Robert Ialenti
The case highlights deliberations led by Brett Barakett, CEO and chief investment officer of Tremblant Capital, just months prior to launching an actively managed ETF, Tremblant Global (TOGA). However, his team continued to have reservations around the launch. On the... View Details
- June 2024
- Article
Counterparty Risk and Counterparty Choice in the Credit Default Swap Market
By: Wenxin Du, Salil Gadgil, Michael Gordy and Clara Vega
We investigate how market participants price and manage counterparty credit risk using confidential trade repository data on single-name credit default swap (CDS) transactions. We find that counterparty risk has a modest impact on the pricing of CDS contracts but a... View Details
- 2024
- Working Paper
LASH Risk and Interest Rates
By: Laura Alfaro, Saleem Bahaj, Robert Czech, Jonathan Hazell and Ioana Neamtu
We introduce a framework to understand and quantify a form of liquidity risk that we dub Liquidity After Solvency Hedging or “LASH” risk. Financial institutions take LASH risk when they hedge against losses, using strategies that lead to liquidity needs when the value... View Details
- 2024
- Working Paper
Does the Case for Private Equity Still Hold?
By: Nori Gerardo Lietz and Philipp Chvanov
Private Equity (“PE”) received a 10-fold increase in capital flows since the Great Financial Crisis (“GFC”) Investors sought higher nominal returns relative to those they could obtain in the public capital markets. This paper questions the fundamental assumptions... View Details
- April 2024 (Revised August 2024)
- Teaching Note
Silicon Valley Bank: Gone in 36 Hours
Teaching Note for HBS Case No. 124-001. View Details
- April 2024
- Article
Demand-and-Supply Imbalance Risk and Long-Term Swap Spreads
By: Samuel G. Hanson, Aytek Malkhozov and Gyuri Venter
We develop and test a model in which swap spreads are determined by end users' demand for
and constrained intermediaries’ supply of long-term interest rate swaps. Swap spreads reflect
compensation both for using scarce intermediary capital and for bearing convergence... View Details
- Spring 2024
- Article
The Evolution of Banking in the 21st Century: Evidence and Regulatory Implications
By: Samuel Gregory Hanson, Victoria Ivashina, Laura Nicolae, Jeremy C. Stein, Adi Sunderam and Daniel K. Tarullo
As revealed by the failures of three regional banks in the spring of 2023, bank runs are not a thing of the past. To inform the ongoing discussion of the appropriate regulatory response, we examine trends in the banking industry over the last twenty-five years. On the... View Details
- March 2024 (Revised May 2024)
- Case
Amperity: First-Party Data at a Crossroads
By: Elie Ofek, Hema Yoganarasimhan and Alexis Lefort
In the summer of 2023, Amperity management was facing a critical decision on its future direction. Given the dramatic changes occurring within the digital advertising ecosystem, as concerns over consumer privacy placed limits on the ability to engage in third-party... View Details
- March 2024 (Revised June 2024)
- Case
Kashat: Navigating the Uncertainties of the Egyptian Fintech Market
By: Paul A. Gompers and Ahmed Dahawy
Karim Nour, the founder of Kashat, an Egyptian nano-lending fintech company, is contemplating how to manage the growth of his startup. Over the summer of 2022, Kashat's loan disbursements had grown by nearly 40%, fueled by macroeconomic instability in Egypt. However,... View Details
- March 2024
- Case
Nomad: A License to Bank
By: Paul A. Gompers and Pedro Levindo
In late 2023, Lucas Vargas, CEO and co-founder of Nomad, a fintech that offered financial services in the United States for Brazilian residents, had to decide what to do to ensure the company’s continued expansion. Nomad launched its first product, a U.S. digital bank... View Details
Keywords: Mergers and Acquisitions; Business Startups; Customer Satisfaction; Decision Making; Entrepreneurship; Banks and Banking; Initial Public Offering; Global Strategy; Growth and Development Strategy; Brands and Branding; Marketing Strategy; Product Launch; Organizational Culture; Going Public; Ownership Stake; Innovation and Invention; Strategic Planning; Business and Government Relations; Business and Stakeholder Relations; Risk and Uncertainty; Business Strategy; Competitive Advantage; Corporate Strategy; Diversification; Expansion; Vertical Integration; Leadership; Law; Banking Industry; Technology Industry; Service Industry; Brazil; United States; North America; Latin America
- February 2024 (Revised April 2024)
- Case
Finberg: Corporate Venture Capital in Türkiye
By: Paul A. Gompers and Namrata Arora
In December 2021, Murat Özyeğin, Chairman of Fiba Holding, along with Ömer Mert and İhsan Elgin, engaged in discussions about the future of United Payment, a fintech company in which Finberg, a subsidiary of Fibabanka, held a 20% stake. Finberg, established in 2018 as... View Details
Keywords: Corporate Venture Capital; Technology; Return On Investment; Venture Capital; Investment; Strategy; Technological Innovation; Competition; Valuation; Acquisition; Business Startups; Information Technology Industry; Banking Industry; Middle East; North Africa; Turkey; Ukraine; Romania; Poland
- February 2024 (Revised February 2024)
- Case
CLSA: Integrating ESG in Stock Valuation
By: Shirley Lu, Aaron Yoon and Billy Chan
In 2023, a senior financial analyst at the Hong Kong-based stock brokerage firm CLSA was surprised to see that, based on his calculations, the financial impact from climate risks on a major Indian cement manufacturing company’s projected earnings could be massive.... View Details
- February 2024
- Case
Continuity & Change at Boston Consulting Group
By: David G. Fubini, Suraj Srinivasan and David Lane
As the new CEO of Boston Consulting Group (BCG) since autumn 2021, Christoph Schweizer had big shoes to fill—his predecessor, Rich Lesser, had tripled the partnership’s total revenues and created digital initiatives that contributed 40+% of 2021 revenues, more than... View Details
Keywords: Business Organization; Change Management; Talent and Talent Management; Governance; AI and Machine Learning; Environmental Sustainability; Leading Change; Risk Management; Organizational Culture; Partners and Partnerships; Revenue; Growth and Development Strategy; Management Succession; Consulting Industry
- February 2024 (Revised June 2024)
- Case
Can Families Conquer Private Equity? Pritzker Private Capital
By: Lauren Cohen and Sophia Pan
Anthony (Tony) Pritkzer, Paul Carbone, and the Pritzker Private Capital (PPC) team wondered how to approach the firm’s next phase of growth. PPC was a private equity firm that offered a differentiated approach to the family capital market. Back in 2016, the partners... View Details
Keywords: Family Office; External Financing; Succession; Leadership Transition; Family Business; Private Equity; Investment; Business Growth and Maturation; Financial Strategy; Investment Portfolio; Business Model; Private Sector; Financial Liquidity; Risk Management; Organizational Structure; Competitive Advantage; Venture Capital; Management Succession; Financial Services Industry; Chicago; Illinois; United States
- 2024
- Working Paper
When Insurers Exit: Climate Losses, Fragile Insurers, and Mortgage Markets
By: Ishita Sen, Pari Sastry and Ana-Maria Tenekedjieva
This paper studies how homeowners insurance markets respond to growing climate losses and how this impacts mortgage market dynamics. Using Florida as a case study, we show that traditional insurers are exiting high risk areas, and new lower quality insurers are... View Details
- January 2024
- Case
Frank Cornelissen: The Great Sulfite Debate (A)
By: Tiona Zuzul and Susan Pinckney
In 2018, artisanal Italian vineyard Frank Cornelissen was one of the world’s leading natural wine vineyards. Its founder, Frank Cornelissen, faced weather related conditions that forced him to have to decide between staying true to the tenets of the natural wine... View Details
Keywords: Budgets and Budgeting; Business Earnings; Plant-Based Agribusiness; Family Business; For-Profit Firms; Small Business; Change Management; Transition; Communication Strategy; Cost vs Benefits; Financial Management; Financial Strategy; Profit; Revenue; Spending; Global Strategy; Goods and Commodities; Innovation Strategy; Crisis Management; Goals and Objectives; Growth Management; Success; Strategic Planning; Problems and Challenges; Risk and Uncertainty; Cognition and Thinking; Reputation; Adaptation; Expansion; Weather; Mission and Purpose; Values and Beliefs; Food and Beverage Industry; Agriculture and Agribusiness Industry; Europe; Italy
- January 2024
- Teaching Note
Frank Cornelissen: The Great Sulfite Debate (A) & (B)
By: Tiona Zuzul
Teaching Note for HBS Case Nos. 724-391 and 724-398. In 2018, artisanal Italian vineyard Frank Cornelissen was one of the world’s leading natural wine vineyards. Its founder, Frank Cornelissen, faced weather related conditions that forced him to have to decide between... View Details
Keywords: Budgets and Budgeting; Business Earnings; Agribusiness; Plant-Based Agribusiness; Family Business; For-Profit Firms; Small Business; Change Management; Transition; Communication Strategy; Decision Making; Cost vs Benefits; Financial Management; Financial Strategy; Profit; Revenue; Spending; Globalization; Global Strategy; Goods and Commodities; Innovation Strategy; Crisis Management; Goals and Objectives; Growth Management; Success; Strategic Planning; Problems and Challenges; Risk and Uncertainty; Cognition and Thinking; Reputation; Strategy; Adaptation; Expansion; Mission and Purpose; Values and Beliefs; Food and Beverage Industry; Europe; Italy
- January 2024
- Supplement
Frank Cornelissen: The Great Sulfite Debate (B)
By: Tiona Zuzul and Susan Pinckney
In 2018, artisanal Italian vineyard Frank Cornelissen was one of the world’s leading natural wine vineyards. Its founder, Frank Cornelissen, faced weather related conditions that forced him to have to decide between staying true to the tenets of the natural wine... View Details
Keywords: Budgets and Budgeting; Business Earnings; Plant-Based Agribusiness; Business Startups; Family Business; For-Profit Firms; Small Business; Change Management; Transition; Communication; Cost vs Benefits; Decisions; Entrepreneurship; Environmental Sustainability; Values and Beliefs; Financial Management; Financial Strategy; Profit; Revenue; Spending; Global Strategy; Goods and Commodities; Innovation Strategy; Crisis Management; Goals and Objectives; Growth Management; Success; Strategic Planning; Problems and Challenges; Risk and Uncertainty; Cognition and Thinking; Reputation; Adoption; Expansion; Weather; Mission and Purpose; Food and Beverage Industry; Agriculture and Agribusiness Industry; Europe; Italy
- January 2024 (Revised May 2024)
- Case
PortageBay and ESG Analytics
By: Vikram S. Gandhi and Radhika Kak
In 2023, sustainable investors faced several challenges. The first was the lack of access to standardized and vetted environmental, social, and governance (ESG) data, and equally, the interpretation of this data into investment-useful insights. Reducing reliance on... View Details